Cook the pasta in a large pot of boiling, salted water for about 8 minutes or until al dente. While the pasta is cooking, heat the olive oil in a large pan over medium heat. Add the shallots and saute until translucent in color. Add the pancetta and continue cooking until pancetta is golden.
Remove the pan from the heat and pour in the vodka. Carefully place the pan back on the heat, making sure that the liquid does not come into contact with the flame. (If flames flare, cover pan and flames will subside.) Allow the vodka to evaporate from the pan. This will allow the alcohol content of the vodka to burn off, leaving only the flavor. Add the tomato sauce, heavy cream, parmesan cheese and basil. Add salt and pepper to taste. Simmer for about 5 minutes.
Drain the pasta and add to the vodka sauce. Stir pasta and sauce until well incorporated over medium heat. Serve pasta while hot. Add more grated cheese, if desired.